California home sales activity creeps back up after three-month downward trend
“It’s encouraging to see an uptick in December’s home sales as buyers took advantage of a slightly more favourable lending environment that provided them with a window of opportunity to enter the California housing market,” Jennifer Brachini, C.A.R president and a Bay Area REALTOR, said. “With both sides slowly adjusting their expectations, it’s hopeful that we’ll see sales ratcheting higher as market conditions improve further throughout 2023.” The median price of a home in California continued its downward trend for the fourth month in a row. “Tight housing inventory was a primary factor preventing prices from free falling as new active listings continued to dip to reach the lowest level in at least the past five years.” Throughout the entire 2022 year, California’s median home price increased by 4.5 percent, but that number is expected to drop up to 8.8 percent in 2023.
